Graham Capital Management L.P. Buys 10,299 Shares of Sphere Entertainment Co. $SPHR

Key Points

• Graham Capital Management L.P. increased its stake in Sphere Entertainment Co. by 17.8% in the first quarter, raising its holdings to approximately 68,166 shares valued at $2.23 million.
• Several large investors have recently modified their holdings of Sphere Entertainment, with 92.03% of the stock currently owned by institutional investors and hedge funds.
• Wall Street analysts generally rate Sphere Entertainment as a "Moderate Buy" with an average target price of $49.50, highlighting a recent price target increase from multiple firms.

Graham Capital Management L.P. increased its stake in Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 17.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 68,166 shares of the company's stock after buying an additional 10,299 shares during the quarter. Graham Capital Management L.P. owned about 0.19% of Sphere Entertainment worth $2,230,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of SPHR. Steadfast Capital Management LP increased its position in Sphere Entertainment by 183.8% during the fourth quarter. Steadfast Capital Management LP now owns 926,100 shares of the company's stock valued at $37,340,000 after acquiring an additional 599,800 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of Sphere Entertainment by 292.8% during the 1st quarter. Deutsche Bank AG now owns 448,729 shares of the company's stock worth $14,682,000 after purchasing an additional 334,500 shares during the period. Northern Trust Corp grew its holdings in Sphere Entertainment by 41.2% during the 1st quarter. Northern Trust Corp now owns 523,839 shares of the company's stock valued at $17,140,000 after purchasing an additional 152,893 shares during the last quarter. Clearline Capital LP grew its holdings in Sphere Entertainment by 108.1% during the 4th quarter. Clearline Capital LP now owns 264,055 shares of the company's stock valued at $10,647,000 after purchasing an additional 137,150 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in Sphere Entertainment by 1,350.5% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 143,845 shares of the company's stock worth $5,800,000 after purchasing an additional 133,928 shares during the period. 92.03% of the stock is owned by hedge funds and other institutional investors.

Sphere Entertainment Stock Up 0.8%

NYSE:SPHR traded up $0.40 during mid-day trading on Friday, reaching $48.84. The company's stock had a trading volume of 953,211 shares, compared to its average volume of 953,321. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.36. Sphere Entertainment Co. has a 1 year low of $23.89 and a 1 year high of $49.98. The stock has a fifty day moving average of $43.16 and a 200-day moving average of $37.36. The firm has a market capitalization of $1.75 billion, a PE ratio of -9.18 and a beta of 1.74.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported $3.39 EPS for the quarter, beating analysts' consensus estimates of ($1.57) by $4.96. Sphere Entertainment had a negative net margin of 14.68% and a negative return on equity of 19.27%. The business had revenue of $282.68 million for the quarter, compared to the consensus estimate of $280.23 million. During the same quarter last year, the firm posted ($2.00) EPS. The company's revenue for the quarter was up 3.4% on a year-over-year basis. Equities research analysts forecast that Sphere Entertainment Co. will post -11.47 earnings per share for the current year.

Analyst Ratings Changes

SPHR has been the subject of several recent analyst reports. Craig Hallum began coverage on Sphere Entertainment in a research report on Monday, June 23rd. They set a "buy" rating and a $75.00 target price for the company. Wall Street Zen raised Sphere Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. JPMorgan Chase & Co. boosted their price objective on Sphere Entertainment from $54.00 to $55.00 and gave the company an "overweight" rating in a report on Wednesday, May 21st. Morgan Stanley increased their target price on Sphere Entertainment from $35.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 12th. Finally, Benchmark reiterated a "sell" rating and set a $35.00 target price on shares of Sphere Entertainment in a research report on Monday, May 19th. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $49.50.

About Sphere Entertainment

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.